Lincoln won't dilute earnings to repay TARP: CEO

JohnSpence

BOSTON (MarketWatch) -- Lincoln National Corp.'s
LNC, -0.51%
chief executive on Tuesday said the company doesn't expect to perform a capital-raising transaction that would dilute earnings when it refinances the $950 million it borrowed from the government under the Troubled Asset Relief Program. The financial-services company said it expects to fully repay the government's TARP investment by the second half of 2010 or the first half of 2011, Dennis Glass said at an investor conference Tuesday. Lincoln has already cut its dividend and raised equity capital to boost its balance sheet during the credit crisis. Glass said the banking and insurance industries are deleveraging as they bring more financing activities onto their balance sheets, and as regulators require more capital for the same level of risk.

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